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[applause] if you look at what is happening here, it is true that the deficit are going to be below $1 trillion for the first time in several years. and it is true that the new revenues raised in spending that you did not do. it is true that the economy is beginning to grow again. but this is almost like the reverse of what we did in 1993. that is, i was prickly well aware if we raise taxes and cut spending, it could have a dragging effect in the economy. but not nearly as much as spending 40% of the budget paying interest on the debt. not nearly as much as having low growth. at nearly as much as having interest rates that were too high. so our gamble was that the explosive the fact of lowering interest rates, with a booming bond market and having more disposable income over a 5 =-10 year period would more than offset putting the hammer down by raising more money and cutting spending. it turned out to be a good gamble, but it made sense. it will make sense here again. but timing is everything. and so, i think he should have a budget that does not defy our arithmetic but also, and doesn
[applause] if you look at what is happening here, it is true that the deficit are going to be below $1 trillion for the first time in several years. and it is true that the new revenues raised in spending that you did not do. it is true that the economy is beginning to grow again. but this is almost like the reverse of what we did in 1993. that is, i was prickly well aware if we raise taxes and cut spending, it could have a dragging effect in the economy. but not nearly as much as spending 40%...
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Feb 11, 2013
02/13
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in another battle over the best way to reduce the federal deficit. lawmakers from both parties made the rounds on the sunday talk shows. both sides of the ioc budget cuts scheduled to go into effect next month will have a negative impact on the economy >> it was designed as a budget threat not as a budget strategy ... is going to have a dramatic negative impact... >> the senator said more taxes are needed to solve the problem. republican house majority leader said most republicans want to fix the deficit without raising taxes. >> congressmanthe no. 2 republican in the u.s. house and now says he would support granting citizenship to children who are in the u.s. illegally >> they were brought here to no fault of their own >> president obama says immigration reform will be a top priority of his second term. a recent gallup poll shows that 72 percent of americans support policies that would have a path toward citizenship or residency for the more than one 11 million undocumented immigrants in the u.s. >> more than a billion people in china and other asia
in another battle over the best way to reduce the federal deficit. lawmakers from both parties made the rounds on the sunday talk shows. both sides of the ioc budget cuts scheduled to go into effect next month will have a negative impact on the economy >> it was designed as a budget threat not as a budget strategy ... is going to have a dramatic negative impact... >> the senator said more taxes are needed to solve the problem. republican house majority leader said most republicans...
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Feb 11, 2013
02/13
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the economy, jobs, and the budget deficit are at the top of the list for budget concerns. legal immigration and strengthening gun laws ranks 17th and 18th respectively. the new strategy may reflect a decision to strike while republicans are on their heels and plagued by internal conflict. for the third year in a row, the gop will not present a unified front in their response to the state of the union. in 2011 when the republican party chose paul ryan to give its official response, the tea party issued its own rebuttal. >> instead of cutting, we saw an unprecedented explosion of government spending and debt. it was unlike anything we've ever seen before in the history of the country. >> last year a gop response by mitch daniels had competition from the herminator. >> in a word i heard the speech, and it came across as a hodge podge of little ideas. >> this year senator marco rubio will deliver the republican response, while rubio was once the standard bearer for the tea party, the group is still opting for its own rival rebuttal from the man who said this after the past ele
the economy, jobs, and the budget deficit are at the top of the list for budget concerns. legal immigration and strengthening gun laws ranks 17th and 18th respectively. the new strategy may reflect a decision to strike while republicans are on their heels and plagued by internal conflict. for the third year in a row, the gop will not present a unified front in their response to the state of the union. in 2011 when the republican party chose paul ryan to give its official response, the tea party...
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Feb 11, 2013
02/13
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we're running trillion-dollar deficits. my goodness. >> i'm fwlad to hear you say that you're open to cuts, more nondiscretionary cuts because both sides always go to the discretionary domestic spending because those are the quote, quo easy cuts. is that your position? >> very much so. look, we've got an entitlement crisis. and that's where the real money is. you know, we're going to have to reform those programs or we're going to lose them. and i don't want to lose social security or medicare or medicaid, but they've got to change dramatically. we tried to do that in the ryan budget last year. i think we'll see us even more aggressive this year. that's where we've got to go. we're not going to lose these cuts. they're in law. the same way the president enjoyed the advantage in the fiscal cliff negotiations, the tax increases were in law and the best we could do was negotiate and save as many of the bush tax cuts as we could. now, you know, these cuts are in law. so they're going to occur, and he should sit down with us and
we're running trillion-dollar deficits. my goodness. >> i'm fwlad to hear you say that you're open to cuts, more nondiscretionary cuts because both sides always go to the discretionary domestic spending because those are the quote, quo easy cuts. is that your position? >> very much so. look, we've got an entitlement crisis. and that's where the real money is. you know, we're going to have to reform those programs or we're going to lose them. and i don't want to lose social security...
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Feb 11, 2013
02/13
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we have a budget deficit problem that we have to address. we think the deficit and the national debt are at immoral levels. we think they must be reduced. we're sick and tired of paying interest on a national debt and that 15% is a large percentage of the national budget. >> bottom line, you could live with the sequester if it happens? >> i don't wa want to live with the sequester. they do not make sense and we're going to hurt a lot of people and it's up to the president really to act now. the tax fight for the president means higher taxes, more revenue. again, we can't be raising taxes every three months in this town, 2k5i6d. you know, the bottom line is we want tax reform but we want to plug those loopholes that the president talks about to bring down tax rates because we believe that's pro growth and we can get an economy going again. let people who earn money keep more of it. the president is not talking about that. what he's talking about is trying to raise more taxes. >>> police in chicago are questioning two persons of interest in th
we have a budget deficit problem that we have to address. we think the deficit and the national debt are at immoral levels. we think they must be reduced. we're sick and tired of paying interest on a national debt and that 15% is a large percentage of the national budget. >> bottom line, you could live with the sequester if it happens? >> i don't wa want to live with the sequester. they do not make sense and we're going to hurt a lot of people and it's up to the president really to...
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Feb 11, 2013
02/13
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they're asking us to stop running deficits. they want us to learn these bad habits all over again. . 960 billion commitments and the same amount of payments. any director of a country with tell you that is economic suicide. you should not hide behind david cameron. you are faced with a choice between two opposing camps. he had made it clear what -- you have not made it clear what choice you will make. make the right choice. do not make the cameron option he wants to unravel the european union. you need to come out and say this to your fellow citizens. >> i want to thank you of for having got the budget treaty ratified in parliament. that is a good sign for europe. i looked long and hard. i do not see what happened to your euro growth pact. where have those gone? we are here to talk tand to negotiate. there are points who will not give ground on. there's the question of flexibility. we need a genuine flexibility between budgetary lines and years. that is how we have managed to run the budget properly in the context of austerity
they're asking us to stop running deficits. they want us to learn these bad habits all over again. . 960 billion commitments and the same amount of payments. any director of a country with tell you that is economic suicide. you should not hide behind david cameron. you are faced with a choice between two opposing camps. he had made it clear what -- you have not made it clear what choice you will make. make the right choice. do not make the cameron option he wants to unravel the european union....
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Feb 11, 2013
02/13
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the economy, which people cite as their top concern, well ahead of other leading issues such as the deficit, guns, or health care. the white house has certainly gotten the message on jobs and isn't waiting until tomorrow night to start getting its message out before the inevitable republican attacks start raining down. take a listen. >> you will hear in the president's state of the union an outline from him for his plan to create jobs and grow the middle class. the middle class is the engine that drives this country forward and which will, if it is given the right tools and the right opportunities, will drive us forward in the 21st century. >> let's get to our guest, democratic strategist bob shrum, and karen finney. the president is expected to use the speech as a way to frame the debate over the so-called sequester which would mean $85 billion in cuts that republicans claim are entirely his fault. take a listen to this. >> you know, the president, he's the one who proposed the sequester in the first place. >> it's what president obama proposed in 2011. >> it is inevitable quite frankly. n
the economy, which people cite as their top concern, well ahead of other leading issues such as the deficit, guns, or health care. the white house has certainly gotten the message on jobs and isn't waiting until tomorrow night to start getting its message out before the inevitable republican attacks start raining down. take a listen. >> you will hear in the president's state of the union an outline from him for his plan to create jobs and grow the middle class. the middle class is the...
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Feb 11, 2013
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, we have reduced the deficit by $2.4 trillion. of that, $1.7 trillion came in spending cuts. $700 billion came in the form of new revenues. so in terms of a balanced approach to deficit reduction that looks both at spending cuts and revenues, we're not balanced yet. we're a trillion dollars ahead nearly on this spending cut side. so when the republicans say we're only going to look at spending cuts going forward, they're not just saying that all those goodies in the tax code that go to wealthy individuals and to corporations as tax deductions and loopholes and expenditures, they're not only saying that's all off-limits, they're also saying we're going to make it even more unbalanced than it is now. and by the way, the way i get to $1.7 trillion is to take $1.46 trillion, which is the actual cuts, and then add the interest savings that are associated with it, and i take the same interest savings on the revenue side. so it's even the way we've allocated the -- the interest. i see that chairman levin is here, so i'm going to yield to
, we have reduced the deficit by $2.4 trillion. of that, $1.7 trillion came in spending cuts. $700 billion came in the form of new revenues. so in terms of a balanced approach to deficit reduction that looks both at spending cuts and revenues, we're not balanced yet. we're a trillion dollars ahead nearly on this spending cut side. so when the republicans say we're only going to look at spending cuts going forward, they're not just saying that all those goodies in the tax code that go to wealthy...
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Feb 11, 2013
02/13
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> reporter: while some of the president's most prominent items fallwell below the economy in budget deficits, among americans' top concerns, mr. obama is expected to cast them in economic terms as well, citing among other things, the benefits of attracting the world's best minds. the president's tone will matter, too, as he faces a choice between confrontation and compromise. >> he can continue the approach he's taken, which is very much an outside game, pressure the congress, turn up the heat. or he can go for a more conciliatory approach in this speech. >> reporter: the president will follow up his speech by taking his state of the union message on the road. he has three stops after the speech. they are asheville, north carolina, atlanta, georgia, winding down in his hometown of chicago. >> thank you, peter. we want to remind everyone, nbc news will have live coverage of the state of the union address tuesday at 9:00 eastern. >>> gunfire erupted on new orleans' famed bourbon street overnight, wounding four people and sending mardi gras revelers running for cover. police said the shooting f
> reporter: while some of the president's most prominent items fallwell below the economy in budget deficits, among americans' top concerns, mr. obama is expected to cast them in economic terms as well, citing among other things, the benefits of attracting the world's best minds. the president's tone will matter, too, as he faces a choice between confrontation and compromise. >> he can continue the approach he's taken, which is very much an outside game, pressure the congress, turn up...
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Feb 11, 2013
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but i think everybody's going to put something in the pot in order to balance the deficit. we did a lousy job in january on the tax side and i hope that -- i think it's better to go over the cliff than do a lousy job -- >> how many people do you know on your side of the field who actually agree with you? >> very few. look they're politicians. they want to spend as much money as they possibly can and they don't want to pay for it. >> who agrees with you? >> oh, i don't know. i bet -- oh, god, joe agrees with me. >> you forgot. the other thing, howard, and i'm just alluding to it, there will be no return to the bush era tax rates on anyone under $400,000? >> right. >> okay. so take that amount of money, whatever that is per year. how much do you need -- how many loopholes do you need to close? what is the marginal rate have to be on people above 400 to replace that potential revenue? it's 100%, isn't it? >> but i don't -- i think the tax rates -- you and i have disagreed on raising taxes. but i don't think they can go any higher or should go higher. >> on the high end. >> i d
but i think everybody's going to put something in the pot in order to balance the deficit. we did a lousy job in january on the tax side and i hope that -- i think it's better to go over the cliff than do a lousy job -- >> how many people do you know on your side of the field who actually agree with you? >> very few. look they're politicians. they want to spend as much money as they possibly can and they don't want to pay for it. >> who agrees with you? >> oh, i don't...
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i will terminate the deficit. >> he didn't terminate the deficit. it took a democrat to do that. >> stephanie: he said it is no longer frightening. he likes it when people mock his accent. in the '70s, people were frightened of the german accent. >> it is technically us a -- austrian. >> stephanie: right. [ ♪ "world news tonight" ♪ ] he said that he's 65 now. he gets better with age. he's in a new movie. the last stand. >> i don't think it did very well. >> stephanie: no? he said i got older i got wiser. i experienced certain things as governor that helped me with my performance. you did do some acting. >> there was a performance. >> stephanie: i'm talking about the housekeeper. >> yeah, i know. he had to perform. he had to perform in order to -- >> stephanie: here's the part where he says something that makes sense. he's called for american leaders to think beyond gun laws. he says u.s. leaders need to address issues such as parenting, mental illness as well as laws on firearms when discussing ways to reduce gun violence. and things of that nat
i will terminate the deficit. >> he didn't terminate the deficit. it took a democrat to do that. >> stephanie: he said it is no longer frightening. he likes it when people mock his accent. in the '70s, people were frightened of the german accent. >> it is technically us a -- austrian. >> stephanie: right. [ ♪ "world news tonight" ♪ ] he said that he's 65 now. he gets better with age. he's in a new movie. the last stand. >> i don't think it did very...
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Feb 11, 2013
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. >> but republicans got to the brink and caved on the deficit ceiling. they got to the brink and they caved on sequester the first round. now, sequester comes back and still with the budget. and and they are saying, no, no, no. they are saying again that we are never going to agree with this unless we get major, major spending cuts and social security and welfare but can we believe him anymore? i mean it looks to me at the same time like they will get to the brink again and realize, no, no, no. we can't do this. if we look at recent history, that would be the course. what's fascinating is the republicans see this as the major bargaining chip to get their desired spending cuts but if we remember from their campaign last fall we saw mitt romney and paul rind on trying to avert the sequester saying this would be a really bad thing, you know, especially for defense. now, we kind of see a reverse here john boehner has said that he does not support a delay which the president wants, which the president outlined last week. so they are saying, we are ready to --
. >> but republicans got to the brink and caved on the deficit ceiling. they got to the brink and they caved on sequester the first round. now, sequester comes back and still with the budget. and and they are saying, no, no, no. they are saying again that we are never going to agree with this unless we get major, major spending cuts and social security and welfare but can we believe him anymore? i mean it looks to me at the same time like they will get to the brink again and realize, no,...
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Feb 11, 2013
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. >> our city faces serious structural deficits between slow growing revenues and faster growing expenses. without corrective action this shortfall totals nearly $750 million over 9 years. the put that number into perspective it's more than what we spend on police, fire, health and recreation and parks annually. >> wjz will have much more on the state of the city address coming up on eyewitness news at 5:00. >>> 3 days later and people across much of the northeast are still digging out from the historic blizzard. long island got hammered. some places got more than 30 inches of snow. michelle miller reports from smith town. >> this is what a 32 mile stretch of the long island expressway looked like for much of the weekend. car after car buried under the snow. >> there were hundreds of residents literally who were within miles after making their way back to their houses when the snow just swallowed them up. >> similar scenes unfolded across long island's roadways. even emergency vehicles were left stranded. >> if they had a plow we would be home. >> many couldn't be freed until saturday. >>
. >> our city faces serious structural deficits between slow growing revenues and faster growing expenses. without corrective action this shortfall totals nearly $750 million over 9 years. the put that number into perspective it's more than what we spend on police, fire, health and recreation and parks annually. >> wjz will have much more on the state of the city address coming up on eyewitness news at 5:00. >>> 3 days later and people across much of the northeast are still...
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challenge is is to kind of make an argument to the public that it's really not just about who can cut the deficit more and the debt, who can trim government but what's an overall economic strategy for investing now while imposing fiscal discipline down the road where it's really needed and that's a case he has an opportunity to make with, you know, with millions of people watching. >> so one of the changes for the second term in the white house is that the president's long-time speech writer favreau is gone and as somebody there on the inside, what that transition is like from one speechwriter to another, what that's like for president obama or for any president and also in terms of what we see and what we hear as voters, as americans, is there going to be a slightly different voice for obama because there's a new speechwriter? >> we don't. it's like a favorite tv show and aaron sorkin left the show. is it going to change now that he's gone or something like that? you know, with president obama as was the case with president clinton and most of these folks, it's their voice and they are deeply in
challenge is is to kind of make an argument to the public that it's really not just about who can cut the deficit more and the debt, who can trim government but what's an overall economic strategy for investing now while imposing fiscal discipline down the road where it's really needed and that's a case he has an opportunity to make with, you know, with millions of people watching. >> so one of the changes for the second term in the white house is that the president's long-time speech...
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Feb 11, 2013
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use that to move towards deficit reduction and still keep the economy moving forward. >> i want reductions in spending that make sense. these indiscriminate reductions do not make sense and we're going to hurt a lot of people. and it's up to the president really to act now. >> president obama has urged congress to come up with a short term fix by the end of the month until lawmakers can reach a more extensive budget plan. >>> vice president joe biden heads to philadelphia today for more input on cracking down on gun violence. he'll meet with law enforcement agent as well as congressional leaders from pennsylvania. the vice president has bnt obama administration's point person for the debate over gun control in recent weeks. >>> we're tracking breaking news out of russia this morning after an overnight mining accident. >> also ahead, not the attention they wanted. the tough questions some of the world's big approximate he's tech companies are being asked to answer. >>> plus, the images are dramatic, but we'll look at whether this latest light show from the sun will have any impact on us fro
use that to move towards deficit reduction and still keep the economy moving forward. >> i want reductions in spending that make sense. these indiscriminate reductions do not make sense and we're going to hurt a lot of people. and it's up to the president really to act now. >> president obama has urged congress to come up with a short term fix by the end of the month until lawmakers can reach a more extensive budget plan. >>> vice president joe biden heads to philadelphia...
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immigration reform, tackling the deficit, gun control -- all part of president obama's ambitious second term agenda. and now there are reports the president is considering what has become a familiar tool to push his agenda through a divided congress, basically mr. obama is going to ignore congress and enact a series of executive actions. question for you this morning, are executive actions the only way to get things done in washington these days? l.z.? >> that's a band-aid. if you want something long term, you have to work with congress because we need legislative change because essentially what you're saying is that the next president can come in and just reverse things, and then we have a back and forth sort of way of governing, and that's not really productive. we need congress to make decisions. this is a band-aid. i understand it's frustrations, but he's got to go and find a way to work with congress because that's the only way to having long-term solutions. >> will? >> if they're the only way to get things done in congress, then we need to add an adjective, which is they're the on
immigration reform, tackling the deficit, gun control -- all part of president obama's ambitious second term agenda. and now there are reports the president is considering what has become a familiar tool to push his agenda through a divided congress, basically mr. obama is going to ignore congress and enact a series of executive actions. question for you this morning, are executive actions the only way to get things done in washington these days? l.z.? >> that's a band-aid. if you want...